HS Icon Tankers

890120 (Harmonized System 1992 for 6-digit)

World Trade (2018): $15.8B, Rnk 175 / 4726

Top Exporter (2018): $10.9B, South Korea

Top Importer (2018): $2.27B, Marshall Islands

Product Complexity (2018): -0.099, Rnk 2785 / 4873

Export Growth (CAGR)(2017 - 2018): -10.4%, Rnk 4330 / 4726

Mean Tariff (2018): 4.18%, Rnk 4817 / 6538

Share of World Trade (2018): 0.086%, Rnk 175 / 4726

Overview: In 2018, Tankers were the world's 175th most traded product, with a total trade of $15.8B. Between 2017 and 2018 the exports of Tankers decreased by -10.4%, from  $17.6B to $15.8B. Trade in Tankers represent 0.086% of total world trade.

Exports: In 2018 the top exporters of Tankers  were South Korea ($10.9B), Belgium-Luxembourg ($1.19B), Poland ($687M), China ($533M), and Japan ($347M).

Imports: In 2018 the top importers of Tankers were Marshall Islands ($2.27B), Bahamas ($1.51B), Liberia ($1.41B), Greece ($1.14B), and United Kingdom ($926M).

Tariffs: In 2018 the average tariff for Tankers was 4.18%, been the 4817 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Tankers are Bermuda (35%), Maldives (24.5%), Romania (17.2%), Panama (15%), and Cambodia (15%). The countries with the lowest tariffs are Angola (0%), Algeria (0%), Kenya (0%), Mauritius (0%), and Rwanda (0%).

Ranking: Tankers ranks 2785th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): South Korea, $10.9B

Top Destination (2018): Marshall Islands, $2.27B

Tankers are the world's 175th most traded product.

In 2018, the top exporters of Tankers were South Korea ($10.9B), Belgium-Luxembourg ($1.19B), Poland ($687M), China ($533M), and Japan ($347M).

In 2018, the top importers of Tankers were Marshall Islands ($2.27B), Bahamas ($1.51B), Liberia ($1.41B), Greece ($1.14B), and United Kingdom ($926M).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Belgium-Luxembourg, $1.18B

Top Destination Growth (2017 - 2018): Belgium-Luxembourg, $482M

Between 2017 and 2018, the exports of Tankers grew the fastest in Belgium-Luxembourg ($1.18B), Poland ($463M), China ($343M), Iceland ($182M), and Japan ($152M).

Between 2017 and 2018, the fastest growing importers of Tankers were Belgium-Luxembourg ($482M), Liberia ($324M), Cyprus ($226M), Malta ($174M), and Norway ($165M).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Tankers.

In 2018,  market concentration measured using Shannon Entropy, was 2.1. This means that most of the exports of Tankers are explained by 4 countries.

TOP NET EXPORTER (2018): South Korea, $10.7B

TOP NET IMPORTER (2018): Marshall Islands, $2.25B

This map shows which countries export or import more of Tankers. Each country is colored based on the difference in exports and imports of Tankers during 2018.

In 2018, the countries that had a largest trade value in exports than imports of Tankers were South Korea ($10.7B), Belgium-Luxembourg ($548M), China ($440M), Japan ($347M), and Poland ($310M).

In 2018, the countries that had a largest trade value in imports than exports of Tankers were Marshall Islands ($2.25B), Bahamas ($1.51B), Liberia ($1.38B), Greece ($1.09B), and United Kingdom ($889M).

Trade Forecasts

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This section shows forecasts for total trade for Tankers. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Import Tariffs

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In 2018, the average tariff for importing Tankers was 4.18%.  The countries with the highest tariffs for importing Tankers were Bermuda (35%), Maldives (24.5%), Romania (17.2%), Panama (15%), and Cambodia (15%).

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Product Complexity

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.